08 May 2009 12:18 [Source: ICIS news]
LONDON (ICIS news)--Andreas Heeschen, the new owner of 50% of the equity in LyondellBasell, will be a hands-off but strategic investor in the polyolefins giant, a spokeswoman for the German entrepreneur said on Friday.
The new entity is seen as a strategic joint venture for both entrepreneurs.
Heeschen believes in the recovery of the [chemicals] sector but would not be involved in any operational activities of LyondellBasell, nor its restructuring, the spokeswoman said.
Heeschen is well connected in
LyondellBasell affiliates in North America, a LyondellBasell company in
LyondellBasell’s operational management said this week that operating profits were likely to lag behind plan in the second quarter although operating conditions appeared to be improving.
The company’s CEO, Volker Trautz, reiterated at a conference in
Blavatnik and Heeschen had known one another for many years and had agreed to pursue business opportunities, Andreas Heeschen’s spokeswoman said.
Heeschen made his money in real estate and through his investment company Pall Mall Capital, and had been active on the
Financial details of the transaction with Blavatnik’s Access Industries were being kept “strictly confidential”, Heeschen’s spokeswoman said.
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